All good, I had to re-read it a few times myself. Seems like a slight revenue upgrade coupled with a slight margin downgrade. Hopefully the projected margins can be improved on though. Particularly I think there is scope for marketing spend to deliver better than expected sales uplift. The CEO comments already noted that the improved 11/11 result was achieved with limited promotional discounting, which suggests that brand and marketing is performing well. Re-engaging daigou to some extent is also another avenue that helps - due to all the free marketing they do.
Ann: 2022 Annual Meeting, page-17
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